All Forum Posts by: Chris Kendrick

What do you mean by loan practice? Hard money is the most common loan to take out for rehab & purchase. 

You have a 6 month seasoning period before you can cash out refinance. 

Eunice - I would suggest either a HELOC or private money in your scenario. It depends on what property you plan on obtaining a HELOC. If it's your own property that you live in, the process could go fairly smooth and be complete within 2-3 months. A HELOC on an investment property is another story. I've found very few banks willing to do a HELOC on an investment property, PLUS if you do, they'll likely have a lot more underwriting on the line of credit. The other option is a business line of credit - most banks will consider a business line of credit if you've been in business for 2+ years and can show revenue in the business from a tax standpoint (tax returns). Other than HELOC and business line of credit, I would then go to private money and see if a friend/family member/investor would be willing to provide short-term financing at some interest rate. Hope this helps!

Congrats, Darius. That's great success!

I did something similar in Detroit proper from 2019-2021 where I scaled from zero to 12 doors in those two years. I started with MLS deals but after the first two I was able to start sourcing my own off-market deals.

I found doing this allowed me to get houses even further below market rates and I'd be able to cash out more than just buying straight cash from the MLS.

Keep it up man!

Hi all!

My boyfriend and I are fairly new to the real estate game (4 doors) and for our next investment we want to BRRRR. My question is - we do not want to get in over our heads, so what do you guys qualify as a BRRRR? Can it just be cosmetic upgrades throughout? Does it have to be a complete demo? I know the more work we would put in, the more return we would get, but we want to start slow, and honestly the cash we would get at the cash our refi is not our priority as much as the cash flow we would be getting after the refi (at least on this first one LOL!)

Thank you in advance!

is that payment interest only of fully amortized?